International expansion at a sports nutrition group, which is partnered with the likes of The FA, INEOS Grenadiers and Milwaukee Bucks, helped revenue jump during its latest financial year.
Science in Sport, which has major operations in Lancashire, has reported its revenue increased 24% from £50.4m to £62.5m while achieved an underlying EBITDA of £2.2m for 2021, up from £1.1m.
However, its pre-tax losses widened from £2.3m to £5.3m over the same period.
READ MORE: Growth stalls at Asda as supermarket giant axes Smart Price in value range shake-up
The group said that was "mainly due to the strategic investment in technology and data science, including the cloud accounting policy change requiring costs to be expensed".
In a statement issued to the London Stock Exchange, the group added its PhD Nutrition brand grew its revenue by 19% from £24.9m to £29.6m while its SIS brand's revenue rose by 30% from £25.4m to £32.9m.
Its USA market grew by 50% to £5.1m while the group signed deals with NBA and NFL teams.
China, Germany, Italy and Australia also grew by 50% to £16m, "despite Brexit and pandemic disruption".
The company added its trading for January and February increased by 18% compared to the same two months in 2021.
Its revenue for March is also forecast to be a new record month, it also confirmed.
Chief executive Stephen Moon said: "The group has performed well and delivered strong revenue growth.
"This very encouraging performance reflects the strength of our science-led premium brands which continue to drive strong underlying EBITDA growth."
"We saw revenue growth in all channels and key markets, especially online.
"Online sales increased by 40% and now account for 56% of total sales, up from 50% a year ago, underpinned by our increased investment in growth technology.
"Our profitable retail sales grew well in the UK and internationally.
"Prospects for further progress in 2022 look strong, following a good start to the year.
"While there are input price and supply chain headwinds, we believe that our efficient operations will deliver efficiencies to significantly mitigate such costs.
"Our revenue, profitability and cash generation ambitions are unchanged and we will continue to invest in the key drivers strategically."
